Trump Orders 50% Tariff On Copper Imports, Prices Drop 18% In Steepest One-Day Drop Since 1989
President Donald Trump signed an executive order Wednesday imposing a universal 50% tariff on copper imports, triggering a sharp market reaction, according to CNBC. U.S. copper prices plunged up to 18% in after-hours trading, marking the steepest single-day drop since 1989. Copper producers Freeport-McMoRan and Southern Copper fell around 10% and 6%, respectively. The tariff takes effect Friday and follows similar duties on steel and aluminum. The White House says the move aims to boost domestic industry and fix trade imbalances. Economists warn the tariff could increase costs across sectors dependent on copper, from construction to electronics. The U.S imports nearly half its copper, mostly from Chile.
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The order came as the White House announced agreements with various nations and blocs ahead of another self-imposed deadline.
